The document management systems market is expected to reach USD 6.78 Billion by 2023 from USD 3.59 Billion in 2017, at a CAGR of 11.17% during the forecast period. Growth in this market is mainly driven by factors such as the increasing need to streamline business operations, benefits of digitalizing content across enterprises, and the increasing need to adhere to compliance requirements.
Document management systems are mainly used for the storage and retrieval of self-contained electronic data sources in the document form. These systems are designed to help organizations manage the creation and flow of documents through a centralized repository. Document management systems play a pivotal role in sourcing, monitoring, and managing content and extracting intelligible strategic business insights from the voluminous content generated by enterprises. Owing to this, there is an increased demand for document management systems mostly among enterprises as data is regarded as a corporate asset in enterprises.
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In this report, the size of the document management systems market has been arrived at based on segments such as offerings, deployment mode, organization, applications, and regions. Depending on the organization, document management systems can be installed in both small and medium-sized enterprises (SMEs) as well as large enterprises. Based on deployment mode, the market is further segmented into on-premise, cloud-based, and hybrid models. On the basis of applications, the market is further classified into banking, financial services, and insurance (BFSI); government; healthcare; education; corporate; industrial manufacturing; retail; and other applications.
On the basis of geography, the document management systems market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The market in APAC is expected to grow at the highest CAGR during the forecast period. Market growth can be attributed to several initiatives by the governments as well as private and public sectors in APAC. Moreover, the presence of major players in the document management systems ecosystem results in the increasing adoption of these systems in APAC. However, the high cost of implementation is a major restraint for the market.
Key players in this market focus on inorganic strategies such as mergers and acquisitions to expand their business and related offerings. In January 2017, OpenText Corporation (Canada) acquired the enterprise content division of Dell EMC.
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